Experts report in recent forecast that the world healthcare IT market is expected to grow from $99.6 billion in 2010 to $162.2 billion in 2015, at a CAGR of 10.2 percent from 2010 to 2015.
The need to cut healthcare costs, enhance clinical workflow of hospitals and the demand for faster and more efficient healthcare delivery are fueling the healthcare provider IT market worldwide. U.S. Healthcare reforms,initiatives taken by the government to adopt a global healthcare IT system and ARRA incentives are expected to affect the market in a big way.
EMR is expected to the highest growing market with a CAGR of 16.7 percent from 2010 to 2015. CPOE is also a fast growing segment with a CAGR of 16.5 percent from 2010 to 2015. Point of care information systems, specialty care information systems, surgical and intensive care information systems are expected to have a combined CAGR of 15.1 percent from 2010 to 2015.
Top healthcare IT solution providers are focused on finding low cost IT solutions, interoperable solutions and financing programs. Increasing adoption of healthcare IT will lead to the evolution of healthcare delivery models from clinic centric to patient centric models. This includes preventive healthcare, remote patient monitoring, home healthcare and telemedicine.
Healthcare IT enhances clinical and administrative workflow and is increasingly being used strategically to reduce operating costs and improve efficiency of healthcare delivery.
According to experts, the growing demand for medical care has led to an increase in chances of error in diagnosis and claim settlement. The introduction of systems such as CPOE, integrated systems such as enterprise-wide PACS , EMR assist in reducing medical errors as well as improve management of health related information.